A report by ARC estimated that the floating liquefied natural gas market will surpass $17.5 billion by 2026, representing an average annual growth rate of 5.2 percent from 2019 to 2026. The report provides analysis of global floating liquefied natural gas (FLNG) market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Floating Liquefied Natural Gas (FLNG) is an offshore vessel that includes all systems to enable LNG to be liquefied offshore. FLNG provides flexibility in the handling machinery kinds fitted to meet various gas conditioning demands. FLNG functions as a mobile midstream asset, avoiding expensive onshore gas pipeline infrastructure. Increasing demand for clean fuel techniques and increasing concentrate on sustainable energy blend will boost FLNG market growth. Rapid depletion of fossil fuel, combined with continuing carbon footprint reductions, will promote favorable company development. According to the International Energy Agency (IEA), there was a 4.6% increase in worldwide NG supply in 2018 relative to 2017. The U.S. and China are the biggest suppliers to the increase in oil manufacturing, with a share of over 50% of the complete increase.
The ability to boost gas procurement and the increase in the amount of natural gas produced crops will promote the FLNG industry. In 2017, Indonesian government launched a program to build LNG import infrastructure and gas-fired power plants to enhance their electrification goals. Rapid creation of multiple initiatives and increased gas consumption will improve sector perspective. In 2017, Keppel built the first converted Hilli Episeyo vessel with 120,000 gross tonnage and 300 meter long.
Low capital costs, improved flexibility and fast track execution are main variables that stimulate FSRU requirement. Facilities discover broad implementation across multiple nations lacking national energy resources. A floating storage regasification system is a LNG storage ship consisting of a regasification plant that transforms LNG into gas shape and transports it straight to the gas network.
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The LNG industry will see development due to rising demand for natural gas, primarily in high-consumption areas including Asia Pacific and Middle East. Compared to onshore liquefaction crops, cost efficiency, the capacity to move to several locations and adaptability to work in diverse well depth are few important characteristics that will encourage brand acceptance. These vessels can use marginal gas areas and related offshore gas assets for shipping, regeneration, storage and multiple end-use purposes. Small / mid-scale capacity ships witness rapid deployment due to low capital costs and short development schedule. The installations are mostly implemented in stranded stocks that are economically unfeasible by other units. Continuing public initiatives and financing operations to improve domestic infrastructure and foster the development of fresh floating import units will complement the business landscape. Increasing demand for versatile and cost-effective LNG distribution units will further improve company perspective. Asia Pacific FLNG is set to expand due to accelerating investment in infrastructure growth along with significant public assistance. India’s government seeks to increase NG’s share of the main energy mix.
Key Players & Strategies
Some vital players in the floating liquefied natural gas (FLNG) market includes Höegh LNG, Woodside Petroleum, Golar LNG, Exmar, Ophir Energy, Excelerate Energy, Mitsui O.S.K. Lines, Eni, Petronas, Royal Dutch Shell and Noble Energy. Also, the industry’s main shipbuilders include DSME and Associates, Samsung Heavy Industries, Mitsubishi Heavy Industries, and Hyundai Heavy Industries.
Strict environmental regulations on reducing sulfur and carbon content, applied globally, compel firms to create fresh eco-friendly models and changes in current facilities. Robust demand for fresh designs will boost rivalry and boost company development.
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